Applied Graphite Technology Corporation (AGT) has taken a significant step in expanding its operations in Sri Lanka with the acquisition of the past-producing Queens Mine. The newly acquired property will be integrated into AGT’s existing Dodangaslanda Graphite Properties, forming the Queens Mine Complex.
In an interview with Steve Darling from Proactive, AGT’s CEO Don Baxter revealed that the Queens Mine previously extracted high-grade graphite veins at a rate of 20 tonnes per month. However, the company has ambitious plans to ramp up production to an impressive 3,000 tonnes per year. Exploration efforts have already identified at least six graphite veins spanning a total width of 25 meters, with individual vein thicknesses reaching up to 0.4 meters.
Over the next three to six months, AGT’s primary focus will be on finalizing exploration licenses, a crucial step in securing mining rights over the owned properties and avoiding negotiations with landowners. Baxter expressed confidence that this process will swiftly lead to obtaining a mining license, propelling the company into production. He also highlighted the improved regulatory environment in Sri Lanka, noting the presence of motivated individuals within the Bureau of Mines aiming for expedited processes.
This strategic acquisition positions AGT for significant growth in its graphite production capabilities, leveraging the rich mineral resources of Sri Lanka. With a streamlined regulatory process and a dedicated team, the company is well-positioned to capitalize on the increasing global demand for graphite, a critical component in various industries, including energy storage and electronics.
This news story relied on a press release distributed by News Direct. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Applied Graphite Technology Expands Sri Lankan Operations with Queens Mine Acquisition.